COMM 4351 Chapter 1: COMM 4351 Chapter 1 Notes.docx
Document Summary
Strategy: a set of related actions that managers take to increase their company"s performance. If a company"s strategies result in superior performance, they are said to have a competitive advantage. The creation of a unique and valuable position, involving a different set of activities. A set of related actions that managers take to increase their company"s performance. Strategic leadership is about how to most effectively manage a company"s strategy-making process to create competitive advantage. Strategy formulation: selecting strategies based on analysis of an organization"s external and internal environment. Competition may come from many different corners. Which companies may consider linkedin a competitor. One needs to understand a company"s business model to understand its competition. Changes in political, economic, social, technological (pest) conditions affect competition. Competitive landscape and the firm"s strategy are interdependent and constantly changing. Microsoft"s acquisition of nokia"s phone business was partially driven by the evolution of the mobile technology.
